Making Tax Digital (MTD) software
Making Tax Digital – Avalara VAT Reporting solution
What are the new UK Making Tax Digital (MTD) requirements for VAT returns, and what must businesses change by the 1 April 2019 implementation date? Sign up for a FREE demo of Avalara’s MTD VAT Reporting software, which is already helping thousands of businesses be fully compliant for their UK and international VAT filings.
- Extracts from your accounting records of VAT sales and purchase transactions to warrant that your business is compliant with the new digital recording obligations
- Automated data and VAT validation checks to catch errors and omissions which could result in VAT audits and possibly fines
- Automated capture of final, filed returns, including logging the Submission ID issued by HMRC as confirmation of filing
- Simplified manual adjustments, reconciled to source data from your accounting data, to maintain full integrity of the audit trail and ensure there are no irregularities in future investigations
- Account login, with full history of all prepared and filed returns
April 2019 – new UK digital filing obligations overturn current processes
Making Tax Digital requirements
From 1 April 2019, all UK VAT registered businesses above the £85,000 sales threshold will be obliged to record and file digitally. This is the first stage of the UK’s MTD initiative, to digitise tax records and submissions.
Businesses must instead use ‘functional compatible software’ (digital records) that can connect to HMRC’s system via its API link to file their UK VAT returns.
What is changing April 2019?
- MTD will outlaw manual records
- VAT sales and purchase transactions must be stored digitally
- Manual keying-in VAT return data from spreadsheets into HRMC’s online portal must cease
Digital links must be maintained between any accounting package or spreadsheet through to HMRC’s new filing API.
Avalara VAT Reporting simplifies the process of filing indirect tax returns in multiple countries, increasing efficiency and reducing the risk of non-compliance. Our VAT reporting solution uses data from your ERP or accounting system to automatically produce indirect tax returns that comply with local filing requirements. This minimises the time it takes to create and submit returns, and automates compliance checking.
Avalara VAT Reporting provides automated statutory filings in over 40 countries, for the 28 EU member states and beyond, including VAT returns, Intrastat, ESL, VAT books, VAT SAF-T and numerous local listings.
Powerful VAT reconciliation
Avalara VAT Reporting reconciles your data automatically against other sources such as GL and Intrastat data and perform inter-company reconciliations to help ensure correctness.
Avalara VAT Reporting validates and enriches your data from external sources such as VIES and the ECB, whilst performing over 150 checks for indirect tax errors, to help you stay compliant.
Centralised VAT management
Avalara VAT Reporting provides powerful multi-language capabilities and detailed country-specific content, so you can standardise, document and centralise your process regardless of where your personnel are located. This is ideal for shared service centres (SSC’s) or for providing visibility and control to distributed operations.
FREE sign up now for a demo of Avalara’s MTD filing solution
Our VAT Reporting MTD tool can now file UK VAT returns. You can register with us for a FREE demo, and speak to our UK VAT technology team about how VAT Reporting can work to ensure you are fully compliant for the April 2019 obligations.
- United Kingdom
- UK Making Tax Digital
- UK VAT registration
- UK VAT returns
- UK VAT rates and VAT compliance
- UK VAT invoice requirements
- UK consignment and call off stock
- UK Intrastat
- UK EC Sales Lists (ESL)
- UK import VAT duty deferment
- EU VAT on digital services
- Czech Republic